The National Thrift Bond Corporation had been formed to encourage civilians to “save wisely, not miserly, and invest in THRIFT and WAR SAVINGS STAMPS” during World War I. Agents were appointed among workers to solicit pledges to save. The amount they determined was then deducted from their paychecks. “Working Conditions, Wages and Profits,” published in 1920, noted: “Experience has taught that a man getting from $12 to $16 a week can save $1; from $16 to $25 a week he can save $2; and if he earns more than $25 a week $5 will be a minimum.” Once the participants had accrued $10 in receipts, they could exchange those receipts for a thrift bond.
An article in the August 7, 1921, issue of “The New York Times” noted: “A brief notice in the weekly bulletin of the State Banking Department disclosed that the Superintendent of Banks had taken possession of the business and affairs of the National Thrift Bond Corporation of 26 West Forty-fourth Street.”
Research Corporation had encouraged its employees to start savings accounts by investing in National Thrift bonds. When the bonds failed, the Research Corporation Board of Directors voted to exchange employees’ National Thrift bonds for Liberty bonds, “par for par.”